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An upgraded version of the cruiser tank Mk. III. The tank featured armor enhanced by the additional screens. The Cruiser Mk. IV fought in France in 1940 and in the early stages of the North African Campaign. This vehicle last saw action in the winter of 1941–1942. A total of 655 tanks were mass-produced.

The initial order for this tank was placed in 1939. It was originally conceived as a high-speed reconaissance tank for airborne units. Mass production started at the beginning of 1942. In early 1943 two vehicles were deployed with the 1st Tank Division. Another 38 vehicles were deployed with the 58th Reserve Tank Corps in the summer of 1944.